Canola futures rebounded sharply on Tuesday, buoyed by gains in Chicago soybean oil and light hedge pressure from Prairie growers.
Soybean oil led the recovery, climbing in tandem with crude oil futures as U.S. refinery demand showed signs of strength and product inventories tightened. The firmer tone in energy markets helped support the broader oilseed complex, while soybeans also edged higher.
Farmer sales were reported to be limited despite the rally, with producers cautious following recent price volatility. Weather across the Canadian Prairies remained mostly favorable, with adequate soil moisture reported in key growing areas, though some pockets may still benefit from additional rainfall in the coming week.
November canola rose $16.80 to $709.70, and January gained $16.20 to $718.30.
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